Financial Performance - The total revenue for the year ended March 31, 2024, was HKD 122,577,000, a decrease of 20.4% compared to HKD 153,945,000 for the previous year[4]. - The net profit for the year was HKD 2,163,000, representing an increase of 53.1% from HKD 1,412,000 in the previous year[4]. - Basic earnings per share increased to HKD 0.87, up from HKD 0.59, reflecting a growth of 47.5%[4]. - The total comprehensive income for the year was HKD 2,163,000, compared to HKD 1,412,000, marking a growth of 53.1%[4]. - The company reported a pre-tax profit of HKD 2,650,000, an increase of 17.1% from HKD 2,263,000 in the previous year[4]. - The pre-tax profit for the year 2024 was HKD 17,422,000, compared to HKD 20,557,000 in 2023, representing a decrease of approximately 15.5%[32]. - The company's profit attributable to shareholders for the year ending March 31, 2024, was approximately HKD 2.2 million, an increase of about 57.1% from HKD 1.4 million in 2023[57]. Revenue Breakdown - Total revenue from customer contracts was HKD 122,097,000 in 2023, compared to HKD 153,465,000 in 2024, representing a decrease of approximately 20.5%[20]. - Retail sales contributed HKD 58,875,000 in 2023, while non-retail sales generated HKD 63,222,000, indicating a shift in sales channels[20]. - Revenue from Hong Kong for 2024 was HKD 101,077,000, down from HKD 114,874,000 in 2023, representing a decline of approximately 12%[28]. - Revenue from Macau decreased significantly from HKD 39,071,000 in 2023 to HKD 21,500,000 in 2024, a drop of about 45%[28]. - Sales from tiles, sanitary ware, and other products accounted for approximately 99.6% of total revenue for the year ended March 31, 2024[51]. Cost Management - The cost of goods sold decreased to HKD 42,429,000 from HKD 72,353,000, indicating a reduction of 41.3%[4]. - Employee costs were reduced to HKD 17,422,000 from HKD 20,557,000, a decrease of 15.5%[4]. - The total employee benefits expenses, including salaries and other benefits, amounted to HKD 16,857,000 in 2024, down from HKD 18,807,000 in 2023, a reduction of about 10.4%[32]. - Other expenses decreased to approximately HKD 14.8 million for the year ending March 31, 2024, from HKD 18.6 million in 2023, primarily due to a reduction in product delivery costs[56]. Assets and Liabilities - As of March 31, 2024, total assets amounted to HKD 224,013,000, an increase from HKD 200,730,000 in the previous year, representing a growth of approximately 11.6%[6]. - Current assets decreased to HKD 92,979,000 from HKD 105,340,000, reflecting a decline of about 11.7%[6]. - Total liabilities increased to HKD 171,958,000 from HKD 156,207,000, indicating a rise of approximately 10.2%[7]. - The company's equity increased to HKD 143,420,000 from HKD 127,360,000, marking a growth of approximately 12.6%[7]. - The asset-to-liability ratio as of March 31, 2024, was approximately 0.64 times, compared to 0.63 times in 2023[60]. Strategic Initiatives - The company plans to focus on market expansion and new product development in the upcoming fiscal year[2]. - The company has implemented new strategies to enhance operational efficiency and reduce costs[2]. - The company plans to expand its product portfolio and increase product variety to enhance market position and competitiveness[75]. - The company will focus on strengthening collaborations with existing distributors and project clients to boost non-retail sales revenue[76]. - The company remains cautious about the retail sector outlook, expecting significant impacts from fluctuating market conditions and high interest rates[76]. Compliance and Governance - The company has adopted new Hong Kong Financial Reporting Standards (HKFRS) effective from April 1, 2023, which includes significant updates on insurance contracts and accounting policy disclosures[12]. - The revisions to HKFRS are not expected to have a significant impact on the company's financial position or performance for the current and prior years[15]. - The company has applied for and received a waiver from strict compliance with Listing Rules regarding the composition of the board and committees, extending the compliance period until August 14, 2024[81]. - The company has adopted a share option scheme, granting 4,800,000 share options to executive directors at an exercise price of HKD 0.300 per share, representing 1.69% of the issued share capital as of March 31, 2024[87]. Market Outlook - Future guidance indicates a cautious outlook due to market volatility but aims for gradual recovery in revenue growth[2]. - The company anticipates an increase in demand for home renovation and improvement materials following the removal of property market restrictions by the Hong Kong government[75]. - The group faced currency risk due to costs incurred in euros while receiving revenue in Hong Kong dollars, which could affect profit margins[61]. - The group did not utilize any financial instruments for hedging purposes during the year and currently has no foreign currency hedging policy[63].
MOS HOUSE(01653) - 2024 - 年度业绩